Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak E-Invest
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
Tax planning and financial planning are two commonly used terms. Planning your taxes and finances support the fulfilment of your financial objectives. Thus, both can aid in selecting the most suitable investment option for your needs. However, there exists some difference between tax planning and financial planning. It is essential to understand this to make informed investment decisions.
How does a financial plan work?
You can plan your finances better by following the steps given below.
How does a tax plan work?
Tax planning involves assessing your investments from the viewpoint of taxation. It thus helps you in reducing your tax liability. A reduced tax burden can also contribute to your disposable income. You can make use of the tax saved towards making investments or meeting other necessary expenses. Tax planning consists of three types:
Difference between tax planning and financial planning
Given below is a tabulation of the key points of differentiation between tax planning and financial planning.
| Particulars | Financial Plan | Tax Plan |
| Professionals who can help | Financial Advisor | Tax Planner |
| Objective of planning | To have sufficient funds for various purposes like purchasing real estate, covering the costs of higher education or children’s marriage, retirement planning, etc. Moreover, saving tax can also be a part of financial planning. It aims to reduce your tax liability. |
It aims to reduce your tax liability |
Financial planning and tax planning with Kotak
Certain investment avenues aid dual planning benefits of tax and financial planning. For example, Kotak Life Insurance offers savings and investment options with multiple benefits. Here are some of the advantages
As you can see, buying an insurance plan benefits in financial as well as tax planning.
Ref. No. KLI/22-23/E-BB/492
